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Fall 2022 Final Exam-Part 2 A Mississippi cotton farmer has a chance to rent 300...

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Fall 2022 Final Exam-Part 2 A Mississippi cotton farmer has a chance to rent 300 additional acres for $100 per acre this year, but he would have to give up his second job of driving a truck, which pays him $1,100 a month for 8 months of the year. He will also save variable costs for the truck of $.50 per mile. He drives an average of 35 miles per day for 160 days each year. He anticipates that his variable costs for growing cotton will be $300 per acre. His expected cotton yield is 500 pounds per acre, and his expected selling price for it is $.75 per pound. There is also a government payment of $12 per acre. Your task: 1- Use the partial budgeting format to analyze the net effect on his total profits if he would rent the extra land. 2- Budget the total changes for the year on all 300 acres. 3- Label each revenue or cost separately and show all details of your calculations on the form of partial budget. 4- Clearly state your conclusion

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